Optimal Retirement with Increasing Longevity
构建了完美资本市场下的退休生命周期模型，发现健康寿命延长通常导致延迟退休但弹性小于1；基于美国数据校准表明，过去一个世纪收入增长促进早退休的效果超过了寿命延长的影响，若实际工资增速维持历史水平，最优退休年龄将持续下降。
We develop an optimizing life-cycle model of retirement with perfect capital markets. We show that longer healthy life expectancy usually leads to later retirement, but with an elasticity less than unity. We calibrate our model using data from the US and find that, over the last century, the effect of rising incomes, which promote early retirement, has dominated the effect of rising lifespans. Our model predicts continuing declines in the optimal retirement age, despite rising life expectancy, provided the rate of real wage growth remains as high as in the last century.